China's Ministry of Finance yesterday said that local government bonds worth 442.9 billion yuan (HK$515.7 billion) were issued in October, of which 189.9 billion yuan was for new bonds and 253 billion yuan for refinanced bonds. A total of 6.12 trillion yuan of local government bonds had been issued for the first 10 months of the year, of which new bonds accounted for 4,494.5 billion yuan, and refinancing bonds 1,627.3 billion yuan. Meanwhile, the Caixin/Markit services Purchasing Managers' Index rose to 56.8 in October from September's 54.8, the highest reading since June and staying well above the 50-mark that separates monthly growth from contraction, reported Reuters. The services sector had initially been slower to return to growth than large manufacturer but the recovery has gathered pace in recent months.

Source: The Standard November 04, 2020 19:07 UTC